New Delhi: Equity indices jumped over 2.5% on Tuesday and posted their best single-day gains in more than three months.
30-share BSE Sensex It closed 1,564 points or 2.7% higher at 59,537. Whereas, the broader NSE Nifty rose 446.40 points or 2.58% to 17,759.30.
Strong buying was witnessed in financial, banking and auto stocks.
All 30-Sensex constituents ended in the green, with Bajaj Finserv rallying 5.47%, followed by Bajaj Finance with a jump of 4.86%. IndusInd Bank, Tech Mahindra, ICICI Bank, Kotak Mahindra Bank, Tata Steel and HDFC were also among other major winners.
Vinod Nair, Head of Research, Geojit Financial Services told PTI, “Today’s rebound reflects the resilience of the domestic economy as compared to its global counterparts. Though the market is currently at a premium valuation, the domestic stocks edged higher on the back of foreign investors. Is.”
Investors’ sentiments were further boosted by the dollar not moving above 20-year highs against major peers and higher oil prices.
“Globally, all countries are facing churn and India is the best jurisdiction in terms of growth and inflation outlook in FY23,” Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said in a report.
“We believe the China story now faces clear obstacles and India is likely to benefit from such harsh realities in the long term,” he said.
Shipping Corp of India rose 5% after a report said the Indian government would fast-track the disinvestment.
Markets will remain closed on Wednesday on account of Ganesh Chaturthi.
(with inputs from agencies)
30-share BSE Sensex It closed 1,564 points or 2.7% higher at 59,537. Whereas, the broader NSE Nifty rose 446.40 points or 2.58% to 17,759.30.
Strong buying was witnessed in financial, banking and auto stocks.
All 30-Sensex constituents ended in the green, with Bajaj Finserv rallying 5.47%, followed by Bajaj Finance with a jump of 4.86%. IndusInd Bank, Tech Mahindra, ICICI Bank, Kotak Mahindra Bank, Tata Steel and HDFC were also among other major winners.
Vinod Nair, Head of Research, Geojit Financial Services told PTI, “Today’s rebound reflects the resilience of the domestic economy as compared to its global counterparts. Though the market is currently at a premium valuation, the domestic stocks edged higher on the back of foreign investors. Is.”
Investors’ sentiments were further boosted by the dollar not moving above 20-year highs against major peers and higher oil prices.
“Globally, all countries are facing churn and India is the best jurisdiction in terms of growth and inflation outlook in FY23,” Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said in a report.
“We believe the China story now faces clear obstacles and India is likely to benefit from such harsh realities in the long term,” he said.
Shipping Corp of India rose 5% after a report said the Indian government would fast-track the disinvestment.
Markets will remain closed on Wednesday on account of Ganesh Chaturthi.
(with inputs from agencies)